The Central Financial institution of Nigeria (CBN) has dismissed as false a circulating report claiming that it has launched new N5,000 and N10,000 banknotes to reinforce money transactions.

In a publish on its official X deal with, previously Twitter, the apex financial institution mentioned, “The content material shouldn’t be from the Central Financial institution of Nigeria. Kindly notice that the official web site of the CBN is cbn.gov.ng.”

A press release from the CBN’s communications division additional clarified, “The one official sources for releasing statements to the media are our web site or statements from our division. There may be additionally no Deputy Governor by such identify. We’re investigating the supply of this faux content material.”

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The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the transfer is geared toward lowering cash-handling prices and offering Nigerians with extra environment friendly technique of conducting giant transactions. “The introduction of those new high-value denominations aligns with international finest practices and can improve financial actions whereas lowering the stress related to carrying giant quantities of money,” the Governor acknowledged. The CBN mentioned there isn’t any such identify in its management.

“The brand new N5,000 notice will function the portrait of Chief Obafemi Awolowo, whereas the N10,000 notice will showcase Dr. Nnamdi Azikiwe, each in recognition of their contributions to Nigeria’s growth. Moreover, the brand new notes will incorporate enhanced security measures, together with color-changing ink, holograms, and anti-counterfeiting know-how, making them unimaginable to duplicate,” the faux report acknowledged.

The faux report additionally mentioned, the nationwide rollout will start on Could 1, 2025, with business banks instructed to begin issuing the brand new notes by way of ATMs and over-the-counter transactions.